Friday, April 04, 2014

Tamweel Tower all set to begin restoration works with RERA's approval

Tamweel Tower is ready to be restored after 16 months of being partially engulfed by fire in November 2012.

A major fire had engulfed the mixed-use tower at 2am on 1\8th November 2012, which left hundreds of families homeless. Investigations reveal that a discarded cigarette butt that fell on a pile of waste was the cause of fire.

According to the Board of Owners Association (OA), the 34-storey building in Jumeirah Lakes Towers (JLT) officially invited contractors’ participation in the tender to restore the building. The move was made following series of legal hurdles and procedures from various agencies.

According to an e-mailed statement from the association, RERA has approved the request by the association to open an Escrow Account under its name. Once formalized, the association can begin awarding contracts.
According to the OA statement, this is a positive step for owners, as when the account is opened and details are transmitted to RERA, a full certificate of OA registration will be issued. This will enable OA to sign contractors to begin restoration process.

The Tamweel Towers is a freehold property, owned by finance company Tamweel, and several other owners. Although the OA was re-elected in 2012 to co-ordinate restoration of the building, the association was not fully recognized by RERA at that time. Therefore, it did not have the legal capacity to decide on the interest of the owners and residents, nor sign contracts for building repairs. With green light from RERA now, all that will change.

The OA has been assured that the funds from the insurers would be channelled into the newly opened account, thereby, enabling them to pay easily for complete restoration. The insurance cover has been confirmed to be more than sufficient for restoration works.

Although there is no specific time-frame for restoration process as yet, the final contract is likely to be awarded in next six to eight weeks. At least 70 residential flats, four commercial offices, two retail offices on the first floor and common areas at the top floors will be restored.

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